Tips for First Time Home Buyers

If you’ve been considering buying a house for the first time, the process can seem discouraging. Buying a house is one of the biggest purchases of a person’s life, and first-time home buyers often have no idea how to even begin looking for a house to purchase. If you’re looking to buy a home for the first time and are confused, you’re not alone. About 38% of home buyers were first-time home buyers in 2014, lacking the experience needed to traverse the home buying market. Here are a few things you should know before putting an offer on your first home. The first step in buying a new house is research. Approximately 43% of home buyers believe that the best way to start the home-buying process is looking online for property, and a total of 92% of buyers use the internet in some way during their search. Use the internet to find out about the different neighborhoods you are considering moving into, looking into the average price of a home and taxes. It may also be good to check out the local shops and restaurants, and see if there are any annual events that may affect your decision. Make sure your qualify for a mortgage, and decide which option is the best for you. When shopping for a mortgage, and try to avoid mortgages that don’t offer a fixed interest rate. Consider other expenditures that may need to be made, such as homeowner’s insurance, a security system, moving van, and any renovations that you may have to do when budgeting out your total home purchase amount. If you’re still unsure about the process of home buying and all the steps that are a part of it, consider attending a home buyers workshop. These seminars provide new potential homeowners with a variety of home buyer seminars on topics such as how to get a home loan, managing your finances, and can even give you tips for the future if/when you sell your home.